GTCR and Sycamore’s $1.1B acquisition of CommerceHub

CommerceHub was advised by Evercore and Baker Botts L.L.P. GTCR and Sycamore were advised by Kirkland & Ellis LLP

CommerceHub, Inc. (NASDAQ:CHUBA) (NASDAQ:CHUBK), GTCR, and Sycamore Partners entered in a definitive agreement whereby affiliates of GTCR and Sycamore, two leading private equity firms, will acquire all outstanding shares of CommerceHub, a leading distributed commerce network for retailers and brands.

The all-cash deal provides substantial value to CommerceHub stockholders. Under the terms of the agreement, funds affiliated with GTCR and Sycamore will acquire all outstanding shares of CommerceHub’s Series A, B, and C common stock for a total value of approximately $1.1 billion. Holders of CommerceHub’s Series A, B and C common stock will receive $22.75 in cash per share, representing a 24.5% premium to the Series A closing price as of March 5, 2018, a 19.3% premium to the 1-month volume-weighted average Series A closing price, a 30.2% premium to the Series C closing price as of March 5, 2018, and a 27.1% premium to the 1-month volume-weighted average Series C closing price.

Kirkland & Ellis LLP represented GTCR and Sycamore Partners with a team including William Sorabella (Picture), Stephen Ritchie, Mikaal Shoaib, Sean Rodgers, James Faley, Christopher Thomas and Laura Sullivan, associates Peter Stach and Lauren Yeager, and debt finance partners Christopher Butler, Judson Oswald and Jessica Woolf.

 

Involved fees earner: William Sorabella – Kirkland & Ellis; Stephen Ritchie – Kirkland & Ellis; Mikaal Shoaib – Kirkland & Ellis; Sean Rodgers – Kirkland & Ellis; James Faley – Kirkland & Ellis; Christopher Thomas – Kirkland & Ellis; Laura Sullivan – Kirkland & Ellis; Peter Stach – Kirkland & Ellis; Christopher Butler – Kirkland & Ellis; Judson Oswald – Kirkland & Ellis; Jessica Woolf – Kirkland & Ellis;

Law Firms: Kirkland & Ellis;

Clients: GTCR; Sycamore Partners;

 

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Author: Ambrogio Visconti